All Forum Posts by: Richard Mahn

I'm getting ready to move out of state for work and trying to decide between selling or renting out my house.  I'm hoping for some sage wisdom from the BiggerPockets group. The house is only two years old, so I'm hoping maintenance and repairs will be minimal, and I'm in a great rental market so I'm planning for low (~2%) vacancy. If I sell the home, I'd be looking to pocket around $10k, which is good but not life changing. If I keep it to rent out, and manage it myself, I'd cash flow little better than $100/month, even with my conservative estimates. I think the area is going to continue to be a strong market in the future, and my thought is that even conservative appreciation could help me acquire better rental investments in about 5 years when I plan to move back. Is keeping this property a bad idea? Thanks in advance for any insights.

I'm going to be moving out of our home soon and trying to decide between selling or keeping my house as a rental. I'm currently about 2 years into a 30 year mortgage at 4% fixed. The market value of the house is about $280k, and I owe $237k on the loan. The house should rent for ~$2,000/mo. My question is how do I analyze this "deal" being I already have the home purchased? Do I look at it as if I'm purchasing the home for $280k with $43k down, or use the loan info from when I first purchased the home? I currently own one other rental that used to be my home, but I kept that one for lack of options and did no analysis beforehand. I'm trying to go into this one more prepared. I appreciate any advice you all have.

All good information. Thanks everyone. I think I'm off to schedule a meeting with an RE attorney. If I can get away with an umbrella policy, great! I simply don't want to cut corners for a relatively small cost now only to regret it later. Any BP recommendations for RE attorneys in greater Austin area?

Thanks, @Rob Beland. My wife is my only RE partner right now. I was under the impression if you have rental properties, you should form an LLC. I will look into insurance then if it offers the protection I need. I'm new at this, but I assume you're talking about more than a simple fire policy?

I live in Texas and have one rental property in KS. I'm looking to acquire another rental property in TX, and I'd like to establish an LLC to benefit from the liability protection. What do I need to know about a TX LLC operating in KS?

I live in Texas and have one rental property in KS. I'm looking to acquire another rental property in TX, and I'd like to establish an LLC to benefit from the liability protection. What do I need to know about a TX LLC operating in KS?

Thanks, everyone! Anthony H. , I hope you're right! I'll take any advantage I can get!

Hey everyone, my name is Rich Mahn and I'm a full-time engineer living in Georgetown. I've been renting out our first home since 2010, and I've recently gotten very interested in working toward making REI my full time job. Ultimately I'm interested in a mix of buy and hold and buy-fix-sell, but right now I'm just trying to learn as much as possible. I'm interested in finding a way to leverage equity in my residence and/or my rental property to make my next deal. I love what I've seen so far on BP and looking forward to joining the discussions! Thanks!